Merchandise export earnings in August up 4.32%: EPB

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Merchandise export earnings in August rose 4.32 percent year on year to $2.96 billion, driven by apparel shipments, according to data from Export Promotion Bureau (EPB).

The August receipt from exports is 11.72 percent below the monthly target of $3.36billion, the info showed.

Overall export earnings in July and August, the first 8 weeks of the existing fiscal year, also registered positive growth; export earnings grew 2.17 percent year-on-year to $6.87billion.

Concurrently, garment shipments decreased by 0.06 percent year on year to $5.71billion.

Of the quantity received from garment shipments, $3.11billion originated from knitwear exports and $2.59billion came from woven garment exports in July and August compared to the same period last fiscal year.
 
Knitwear export increased 6.64 percent year on year while woven exports decreased 7.06 percent, the info said.

The garments industry, which typically contributes a lot more than 84 percent to national exports in a year, began recovering as the international retailers and brands started returning with work orders and taking back the cancelled work orders.

Consequently, garment shipments gradually began rebounding to positive territory.

Merchandise export started rebounding from July mainly because of high shipment of garment items with the reopening of the stores in the European and American markets.

The July receipts grew by 0.59 percent year on year to $3.91billion which is also 13.39 percent higher than the monthly target at $3.44billion.

The wages in August increased because almost all of the shipments, which were stuck as a result of pandemic virus, were shipped in June and July; for which the export increased.

In April, Bangladesh experienced the deepest fall in exports as virtually all stores were closed in the European and American markets and factories were turn off in Bangladesh as a result of pandemic.

In April, earnings from merchandise export were $0.52billion where apparel's contribution was $0.37billion. IN-MAY, the entire export earnings were $1.46billion where garment sector contributed $1.23billion.

In June, merchandise exports earned 2.71billion and the garment sector contributed $2.28billion, EPB data showed.

Export of Personal Protective Equipment (PPE), masks and other isolation and hospital related bed linens and fabric increased manifold from Bangladesh because of high demand of these items.

The federal government stimulus package worth Tk10,500crore for the export oriented sectors helped to sustain the business. 
Source: https://www.thedailystar.net

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